Today’s job figures show an unexpectedly sharp spike in unemployment: In October, the American economy lost an additional 240,000 jobs. With job losses in nearly every sector of our economy, from blue-collar to white-collar, our unemployment rate has reached 6.5%, a 14-year high. In all, our economy has cut jobs every month of this year, for a total of 1.2 million lost since 2008 began.

The Department of Commerce released more bad news today on the economy – the GDP has fallen for the first time in 2008. This is important because it means that America is producing less and selling less.

While the rise in unemployment has been the focus of many news stories throughout the recent economic downturn, a related issue that has received far less attention is the effect ‘underemployment’ is having on America’s working families.

A troubling story in the New York Times today illustrates how the economic crisis is taking a serious, and in some cases dangerous, toll on the everyday lives of many Americans – with some forced to forego necessary prescription drugs so that they can pay for food or keep a roof over their heads.

Testifying today before the House Budget Committee, Federal Reserve Chairman Ben Bernanke voiced his support for an economic recovery package. Subsequent White House comments indicate President Bush is moving towards Democrats’ position on this vital issue as well.

Republicans’ eight years in the White House, and six years at all the levers of power, have resulted in a faltering economy, a failing energy policy, record deficits and debt, numerous cases of corruption, and an America overstretched and weakened in the world.

Let me assure you: No one here underestimates the gravity of our economic crisis. But I left today's meeting confident that the Emergency Economic Stabilization legislation Congress passed early this month gives the Treasury Department the authority and flexibility it needs to respond to this crisis.